Keep business insurance part of your recovery plan

Having a general business insurance policy is a necessity for any organization, but it is especially vital for small to medium-sized companies to have one in place. Smaller firms might not be able to bounce back as quickly as larger ones when disaster strikes. No owner wants to dip into savings or take out a mass amount of loans to repair property damage, but without the right commercial property insurance, those could be the only options.

A short recovery is ideal, but not always possible. The effects of Hurricane Sandy are still being felt by East Coast businesses, which should be a reminder to other business owners of why it is better to be over-prepared.

Anthony Arpino owns Sorrento's, a Long Beach-based Italian specialty store. Arpino explained to Newsday that he has been rebuilding his business ever since Hurricane Sandy struck last October. Specifically, Arpino has been preparing his company for another severe storm. His refrigerated cases are now elevated off the floor and he purchased double-insulated doors to replace the ones that were damaged.

Arpino said that he hopes to reopen for the July 4th holiday weekend, but he knows that weather experts are predicting another active hurricane season this year. Even so, the business owner said that he's just trying to prepare as best he can and ensure that any damages will be limited.

Lucille Wesnofske, regional director of the Small Business Development Center at Farmingdale State College, explained to the news source that insurance is a crucial part of disaster recovery, but business owners must have a well-rounded plan. Companies need to have the right coverages in place, a business continuity plan and reliable communication.

"I'd rather err on the side of caution than be caught totally off guard and deal with the aftermath," Wesnofske said.